Aequus Receives Approval for New ‘Evolve - Daily Intensive’ Lubricating Eye Drops in Canada
Aequus Announces Approval of Fourth Revenue Generating Product
VANCOUVER, British Columbia, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF(“Aequus” or the “Company”), a specialty pharmaceutical company announced today that together with its partner, MedicomHealthcare Ltd. (“Medicom”), has been issued a new Medical Device License for the second of three product submissions made for the Evolve™ preservative free dry eye product line. The new Medical Device License was issued for Evolve™ Daily Intensive – an advanced formulation of 0.2% Hyaluronate, free of preservatives and phosphates, and made available in a multi-dose bottle for ease of use for all patients. The formulation contains 350 drops that can be dispensed with gentle squeezing – an important feature for chronic users and many dry eye patients.
“Evolve Daily Intensive is the second lubricating eye drop being offered by Aequus as part of a full line of products made exclusive to Eye Care Professionals. As patient compliance and improved patient outcomes are prioritized as part of this range, Eye Care professionals can now offer Evolve to deliver exceptional patient experience while protecting the long term health of every patient's eyes,” said Grant Larsen, Chief Commercial Officer at Aequus.
“This is an exciting approval for Aequus, as the Evolve range expands, providing much needed benefits to patients suffering from Dry Eye Disease,” said Aequus CEO, Doug Janzen. “These Hyaluronate drops in particular are seen as the workhorse of the entire line, and are currently the fastest growing Hyaluronate drops in the UK. The full range is expected to generate $10M a year in Canadian sales at maturity.”
Aequus is advancing launch activities the newly approved Evolve products, while a third drop in the Evolve™ range is currently under review with Health Canada.
ABOUT DRY EYE DISEASE
Dry eye disease (DED) is a common disorder of the tear film that leads to ocular surface damage over time. Previous research has shown DED reduces health and vision related quality of life and that it carries a considerable economic burden of disease. DED affects approximately 6.3 million Canadians, representing approximately 21% of the population.1 Home confinement, e-learning and working from home due to the COVID-19 pandemic means spending more time looking at screens, which has a significant impact on eye health. A combination of reduced frequency and intensity of blinking during screen time increases the risk of inducing or exacerbating dry eye disease.2
- B. Caffery, S. Srinivasan, C.J. Reaume, et al., Prevalence of dry eye disease in Ontario, Canada: A population-based survey, Ocul. Surf. 17 (2019) 526-531.
- https://theophthalmologist.com/covid-19-and-dry-eye-disease; accessed October 15, 2020
Launched in 2015 in Europe, the Evolve® brand has grown to 5 products across 35 countries. With an array of products, the brand can address the various symptoms involved with dry eye disease and blepharitis including discomfort, stinging, burning, and dryness. Currently in Canada, the dry eye market is estimated at over $90M, which includes both prescription and over-the-counter products.
ABOUT AEQUUS PHARMACEUTICALS INC.
Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus has grown its sales and marketing efforts to include several commercial products in ophthalmology and transplant. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca.
FORWARD-LOOKING STATEMENT DISCLAIMER
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the implementation of our business model and strategic plans; revenue growth trends into the future; expected timing for product launch; the Company’s expected revenues; the regulatory approval of the Evolve line of products expected in 2020. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining positive results of clinical trials; obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully out license or sell its current products and in-license and develop new products; the assumption that the Company’s current good relationships with its manufacturer and other third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; and the Company’s ability to protect patents and proprietary rights. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Company’s Annual Information Form dated April 28, 2020, a copy of which is available on Aequus’ profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.
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